Walgreen Co. Completes Buy of Walk-in Clinic Operator

DEERFIELD, Ill. -- Walgreen Co. here said it has completed its acquisition of Take Care Health Systems, a leading operator of convenient care clinics. The clinics, combined with the drugstore chain's nearly 5,700 pharmacies across the country, will form the core for the future rollout of a variety of patient-focused health care services, Walgreen said.

Take Care Health Systems operates 51 health care clinics in Chicago, Kansas City, Milwaukee, St. Louis and Pittsburgh, either in Walgreens or Erkerd drug store locations. Financial terms of the cash transaction, first revealed May 16, weren't disclosed.

"As a company, we're focusing more on the opportunities to provide health care services beyond the traditional pharmacy," said Gregory D. Wasson, president of Walgreen Co. " Together with Take Care Health, the preeminent leader among convenient care clinic operators, we'll create a new model of how health care is provided across America."

With the acquisition, Walgreens expects to have more than 400 convenient care clinics in its stores by the end of 2008. Currently, the company has 60 Health Corner Clinics in Atlanta, Chicago, Kansas City, Las Vegas, Milwaukee and St. Louis. "Our clinics in Atlanta and Las Vegas that are currently operated by other companies will transition to Take Care Health management," said Wasson. "We intend to keep the current clinic staffs in those markets to ensure uninterrupted care for our patients."

As a wholly-owned subsidiary of Walgreen Co., Take Care Health Systems will maintain its headquarters in Conshohocken, Penn., as well as its existing management team.

Walgreen Co. is the nation's largest drugstore chain with fiscal 2006 sales of $47.4 billion, operating 5,693 stores in 48 states and Puerto Rico.
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